Get the free Senior Management Regime: Statement of ... - Bank of England

Application number (for FCA/PRA use only)Grandfathering Notification Form (Form K) Solvency II firms only1 FCA Handbook Reference: SUP TP7 PRA Rule book Reference: PRA Rule book: Solvency II firms:

How to fill out senior management regime statement

How to fill out senior management regime statement

1. To fill out the Senior Management Regime Statement, follow these steps:
2. Begin by providing your personal and contact information, including your name, position, organisation, and contact details.
3. Specify the date of completing the statement and the period it covers.
4. Outline the nature of your responsibilities and include a detailed description of your role within the organisation.
5. Provide information about your reporting lines, including the individuals or committees you report to and any direct reports you have.
6. Describe your key responsibilities and the specific activities you undertake in your role.
7. Identify the areas of significant influence you have and the decisions you are authorized to make.
8. Disclose any conflicts of interest that may arise in the course of your role and explain how you manage them.
9. Provide details of your relevant qualifications, experience, and training that support your ability to fulfill your responsibilities.
10. Declare any disciplinary or regulatory action taken against you in the past.
11. Review and double-check all the information provided before submitting the Senior Management Regime Statement.

Who needs senior management regime statement?

1. The Senior Management Regime Statement is required for individuals in senior management roles within regulated financial institutions.
2. This includes executives, directors, managers, and other individuals who have significant decision-making authority and hold key positions within the organization.
3. The statement helps regulators and stakeholders assess the fitness and propriety of individuals in these roles, ensuring they have the necessary qualifications, experience, and integrity to fulfill their responsibilities.
4. By providing transparency and accountability, the Senior Management Regime Statement promotes good governance and risk management within the financial industry.

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What is senior management regime statement?

The senior management regime statement is a document that outlines the roles, responsibilities, and accountabilities of senior management within an organization.

Who is required to file senior management regime statement?

Senior management within regulated firms are required to file the senior management regime statement.

How to fill out senior management regime statement?

The senior management regime statement can be filled out by providing detailed information about the senior management team, their roles, responsibilities, and reporting lines.

What is the purpose of senior management regime statement?

The purpose of the senior management regime statement is to ensure clarity and accountability within senior management positions in regulated firms.

What information must be reported on senior management regime statement?

The senior management regime statement must include details about the senior management team, their roles and responsibilities, reporting lines, and any relevant information.